Quantum Macroeconomics: The legacy of Bernard Schmitt (Routledge Frontiers of Political Economy)

Quantum Macroeconomics presents a new paradigm in macroeconomic analysis initiated by Bernard Schmitt. It explains the historical origin, the analytical contents, and the actual relevance of this new paradigm, with respect to current major economic issues at national and international level. These issues concern both advanced and emerging market economies, referring to inflation, unemployment, financial instability, and economic crises. In the first part of this volume, leading scholars explain the historical origin and analytical content of quantum macroeconomics. The second part explores its relevance with respect to the current major economic issues such as the sovereign debt crisis and European monetary union. The volume also features two previously unpublished papers by Bernard Schmitt. The main findings of this book concern the need to go beyond agents behaviour to understand the structural origin of a variety of macroeconomic problems, notably, inflation, unemployment, financial instability, and economic crises. The originality that pervades all contributions is plain, when one considers the lack of any structural explanation of national and international economic disorders in the literature within the mainstream approach to economics. This edited volume is of great interest to those who study macroeconomics, monetary economics and money and banking. IntroductionJEAN-LUC BAILLY, ALVARO CENCINI AND SERGIO ROSSIPreface: The research work and scientific legacy of Bernard SchmittALVARO CENCINIPART IAnalysing the domestic economy1 La formation du pouvoir d'achat: a historical perspectiveCLAUDE GNOS2 Absolute exchange and relative exchangeJEAN-LUC BAILLY3 Inflation and unemploymentXAVIER BRADLEY4 A macroeconomic analysis of unemploymentBERNARD SCHMITT5 National banking reformALVARO CENCINIPART IIAnalysing the international economy6 From reparations to (net) interest payments on external debt: same script, different castEDOARDO BERETTA7 Keynes's and Schumacher's Plans and the failed attempt to understand international monetary relationsNADIA F. PIFFARETTI8 European monetary unionSERGIO ROSSI9 The sovereign debt crisisALVARO CENCINI10 A one-country reform: the solution to the sovereign debt crisisBERNARD SCHMITTPostface: Bernard Schmitt and heterodox economicsSERGIO ROSSI Cover -- Title -- Copyright -- Dedication -- Contents -- List of figures -- List of tables -- Notes on contributors -- Preface -- Acknowledgements -- Introduction: the research work and scientific legacy of Bernard Schmitt -- PART I Analysing the domestic economy -- 1 La formation du pouvoir d'achat: a historical perspective -- 2 Absolute exchange and relative exchange -- 3 Inflation and unemployment -- 4 A macroeconomic analysis of unemployment -- 5 National banking reform -- PART II Analysing the international economy